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The Department of Labor (DOL) is asking for public comments on a request for information about insurance company pooled separate accounts. This request is being submitted to the Office of Management and Budget (OMB) for approval as required by the Paperwork Reduction Act. The feedback is due by April 14, 2025, and aims to ensure that the collection of information is useful, accurate, and not too burdensome. PTE 90-1 is the specific rule involved, which provides certain exemptions from restrictions for transactions involving insurance company accounts.

The Department of Labor is proposing to extend the effective periods for exemptions involving the Royal Bank of Canada and Northern Trust to prevent a gap in exemptive relief, which would be detrimental to affected clients and their participants. If approved, this extension will last until either September 4, 2025, or until the Department makes a final decision regarding long-term exemptions, whichever occurs first. Both banks' exemptions relate to past convictions for aiding and abetting tax fraud, but they will still be allowed to operate under strict conditions if they meet the required terms. Public comments and requests for a hearing regarding these proposed amendments must be submitted by February 26, 2025.

The U.S. Department of Labor has issued an amendment that extends the effective periods of Prohibited Transaction Exemptions (PTEs) for the Royal Bank of Canada and Northern Trust Corporation. These amendments allow certain entities to continue operations without disruption due to legal issues in France related to tax fraud convictions. The extension is until September 4, 2025, or until a final decision is made on their longer-term requests. Both RBC and Northern must adhere to specific conditions to utilize this extended relief.

The Pension Benefit Guaranty Corporation issued a final rule to adjust the maximum civil penalties for certain violations, in line with the Federal Civil Penalties Inflation Adjustment Act of 2015. This adjustment is required annually to account for inflation and affects penalties under specific sections of the Employee Retirement Income Security Act (ERISA). For 2025, the penalty amounts have increased to $2,739 under section 4071 and $365 under section 4302. These adjustments apply to penalties assessed after January 8, 2025.

The Department of Labor has updated the Voluntary Fiduciary Correction Program (VFC Program) to simplify the process of correcting fiduciary breaches under the Employee Retirement Income Security Act (ERISA). These updates add a self-correction feature for common plan issues like late participant contributions, streamline procedures for program participation, and incorporate changes from the SECURE 2.0 Act allowing self-correction for certain participant loan failures. The goal is to make the program more user-friendly for employers and other plan fiduciaries, encouraging compliance with the law and avoiding potential civil penalties.

The Pension Benefit Guaranty Corporation (PBGC) has issued a final rule to adjust the maximum civil penalties for inflation, as required by federal law. These adjustments, effective January 13, 2021, apply to penalties related to failure to provide certain required notices under the Employee Retirement Income Security Act (ERISA). The maximum penalty under ERISA section 4071 is now $2,259, and the maximum under section 4302 is $301. This change is part of an annual process to ensure penalties keep pace with inflation.

The Pension Benefit Guaranty Corporation (PBGC) is seeking to renew an approval from the Office of Management and Budget (OMB) for collecting information on the disclosure of termination information under its regulations for distress and PBGC-initiated terminations. This notice invites public feedback on this information collection by February 26, 2021. The PBGC estimates that around 70 pension plans will undergo such terminations annually, with requests for information expected from participants or other parties related to approximately 16 of these plans per year. The OMB control number for this collection is 1212-0065, and it expires on March 31, 2021.

The Department of Labor (DOL) is submitting an information collection request to the Office of Management and Budget (OMB) for review, as per the Paperwork Reduction Act of 1995. This request involves collecting data related to procedures for applying for exemptions from certain prohibited transaction provisions under the Employee Retirement Income Security Act of 1974 (ERISA). Public comments are invited on whether this information collection is necessary and how it might be improved or simplified. The proposed collection anticipates responses totaling 4,899, with an annual time burden estimated at 632 hours and additional costs of $551,422.

The Pension Benefit Guaranty Corporation (PBGC) is planning to ask the Office of Management and Budget (OMB) to continue approving its information collection efforts related to multiemployer pension plans, following the Paperwork Reduction Act guidelines. The PBGC seeks public comments on whether the proposed data collections are useful, accurately estimated in terms of burden, clearly presented, and minimize respondent burden. This includes specific regulations under the Employee Retirement Income Security Act of 1974, such as reporting requirements for terminating or insolvent plans and related notices that help PBGC manage financial assistance needs. Comments can be submitted by May 9, 2025, through various methods, including the Federal eRulemaking Portal and email.

The Department of Labor is considering a proposed exemption that would allow Northern Trust Corporation and its affiliates to continue using a special legal exemption for certain financial transactions despite Northern Trust Fiduciary Services (NTFS) being convicted of aiding and abetting tax fraud in France. The proposed exemption would be in effect for five years and aims to prevent disruptions for pension plans and other financial entities relying on Northern's services. This proposal includes various safety measures to ensure Northern's operations remain lawful and in compliance with fiduciary duties, also detailing costly procedures and conditions to protect involved parties and maintain trust.